BALANCE TRANSFER LOAN
Housing or Non-housing loan balance transfer is a viable option to switch from one lender to another that offers lower interest rates.
The new lender approves the takeover of your loan and pays the outstanding amount to the current lender. Post receiving the pending amount, the existing lender releases the property documents and also issues a no due certificate to the borrower. These documents are handed over to the new financier. Once this process is complete, you have to pay all the remaining future Equated Monthly Installments (EMIs) to the new lender as per their interest rate norms. In this option, you close the old loan account and open a new account with a different lender with better benefits like lower Rate of Interest, lower tenure etc…..